Century 21 In Morristown To Close After Bankruptcy Filing

MORRISTOWN, NJ—New York-based department store Century 21 announced it will close all of its stores, including its Morristown location, after filing for Chapter 11 bankruptcy.

A statement issued by co-CEO Raymond Gindi claimed Century 21 had no alternative but to close after the company did not receive $175 million in insurance money it was seeking following the quarantine last spring.

"Our insurers," Gindi said, "to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time."

Century 21 was founded in 1961 in Manhattan and opened its Morristown location, on North Park Place, in 2002. The space was previously occupied by Macy's and now-defunct Bamberger's. The company opened new stores in Philadelphia and Florida as recently as 2016.

"While retailers across the board have suffered greatly due to COVID-19," Gindi's statement said, "and Century 21 is no exception, we are confident that had we received any meaningful portion of the insurance proceeds, we would have been able to save thousands of jobs."

Century 21 is the latest in a series of large retail chains filing for bankruptcy, including Neiman Marcus, Modell's and Lord & Taylor.

The Morristown location employed 50-75 part-time and full-time workers prior to the pandemic that forced the doors shut in March. Century 21's flagship location in lower Manhattan was closed for six months after being damaged during the attacks on the World Trade Center in 2001.

Information on when individual stores will close was not made available, but the statement said going out of business sales would begin immediately.